Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Stock Holdings Lifted by Citigroup Inc.

Citigroup Inc. raised its position in Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) by 31.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,732 shares of the technology company’s stock after purchasing an additional 11,975 shares during the quarter. Citigroup Inc. owned approximately 0.10% of Cogent Communications worth $2,839,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Raymond James & Associates boosted its stake in shares of Cogent Communications by 67.6% during the 4th quarter. Raymond James & Associates now owns 456,356 shares of the technology company’s stock worth $26,049,000 after acquiring an additional 184,065 shares in the last quarter. Belpointe Asset Management LLC bought a new stake in shares of Cogent Communications during the 4th quarter worth about $44,000. Thrivent Financial for Lutherans boosted its stake in shares of Cogent Communications by 12.9% during the 4th quarter. Thrivent Financial for Lutherans now owns 49,771 shares of the technology company’s stock worth $2,839,000 after acquiring an additional 5,670 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Cogent Communications by 15.6% during the 4th quarter. Van ECK Associates Corp now owns 10,213 shares of the technology company’s stock worth $583,000 after acquiring an additional 1,382 shares in the last quarter. Finally, Swiss National Bank boosted its stake in shares of Cogent Communications by 2.0% during the 4th quarter. Swiss National Bank now owns 104,300 shares of the technology company’s stock worth $5,953,000 after acquiring an additional 2,000 shares in the last quarter. Hedge funds and other institutional investors own 85.15% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CCOI shares. Bank of America raised Cogent Communications from an “underperform” rating to a “buy” rating and boosted their price objective for the stock from $45.00 to $85.00 in a research report on Wednesday, May 3rd. William Blair reissued an “outperform” rating on shares of Cogent Communications in a research report on Thursday, February 23rd. JPMorgan Chase & Co. cut Cogent Communications from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $72.00 to $70.00 in a research report on Monday, May 8th. Royal Bank of Canada boosted their price objective on Cogent Communications from $61.00 to $69.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 7th. Finally, Credit Suisse Group boosted their price objective on Cogent Communications from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday, February 24th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $67.33.

Cogent Communications Stock Down 0.7 %

Cogent Communications stock opened at $61.94 on Tuesday. Cogent Communications Holdings, Inc. has a 12 month low of $46.75 and a 12 month high of $75.00. The stock has a market cap of $2.99 billion, a price-to-earnings ratio of 281.55 and a beta of 0.44. The business has a 50 day moving average price of $65.06 and a two-hundred day moving average price of $62.61.

Cogent Communications (NASDAQ:CCOI – Get Rating) last released its quarterly earnings data on Thursday, May 4th. The technology company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.01. Cogent Communications had a negative return on equity of 2.48% and a net margin of 1.68%. The company had revenue of $116.10 million for the quarter, compared to analyst estimates of $153.79 million. During the same period in the prior year, the company posted $0.02 EPS. The company’s revenue was up 3.1% compared to the same quarter last year. On average, analysts expect that Cogent Communications Holdings, Inc. will post 0.38 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 2nd. Stockholders of record on Thursday, May 18th will be paid a $0.935 dividend. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.93. This represents a $3.74 annualized dividend and a dividend yield of 6.04%. The ex-dividend date is Wednesday, May 17th. Cogent Communications’s dividend payout ratio is currently 1,700.00%.

Insider Activity

In related news, CEO Dave Schaeffer sold 35,000 shares of the stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $65.38, for a total transaction of $2,288,300.00. Following the sale, the chief executive officer now directly owns 5,023,781 shares in the company, valued at approximately $328,454,801.78. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Dave Schaeffer sold 35,000 shares of the stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $65.38, for a total transaction of $2,288,300.00. Following the sale, the chief executive officer now directly owns 5,023,781 shares in the company, valued at approximately $328,454,801.78. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP John B. Chang sold 500 shares of the stock in a transaction that occurred on Monday, April 17th. The stock was sold at an average price of $70.00, for a total value of $35,000.00. Following the sale, the vice president now owns 47,360 shares in the company, valued at $3,315,200. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 64,068 shares of company stock worth $4,209,866. Company insiders own 11.40% of the company’s stock.

Cogent Communications Profile

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Cogent Communications Holdings, Inc engages in the provision of Internet access and Internet Protocol (IP) communications solutions. It offers Internet access and data transport through its fiber optic, IP data-only network, ethernet transport, and colocation services. The company was founded by David Schaeffer in August 1999 and is headquartered in Washington, DC.